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PEORIA, Ill. – Caterpillar announced today that Vice President and Caterpillar Financial Services Corp. President James Beard will retire March 1, 2005, after a distinguished 40-year career. The Caterpillar board of directors has named Kent Adams, executive vice president of Caterpillar Financial Services Corp. (Cat Financial), to succeed Beard as vice president of the Financial Products Division, which includes Cat Financial, Caterpillar Insurance Services Corp., Caterpillar Redistribution Services and Caterpillar Power Ventures Corp.
"Jim Beard leaves a remarkable legacy at Caterpillar as the initial project manager who in 1981 helped form Cat Financial.” Said Caterpillar Chairman and CEO Jim Owens. “His commitment to business excellence and customer service is at the core of Cat Financial's growth into a dependable and significant source of corporate profitability. In addition to his professional accomplishments, Jim's service to his community has been an inspiration to employees in the Financial Products Division."
Kent Adams began his career at Caterpillar in 1979. Over the past 25 years he has served in numerous overseas locations including Brazil, Hong Kong and Singapore, moving to Cat Financial in 1998. In his current role, he has responsibility for North America operations. "With his knowledge and international experience, Kent is well positioned to build on the success of our Financial Products Division,” Owens said. “He will be a leader in developing innovative approaches to serving our customers, fostering continued profitable growth for the company.”
Highlights of Mr. Beard's notable career at Caterpillar include the 2003 Malcolm Baldrige National Quality Award, a tribute for performance excellence and quality achievement, awarded to Caterpillar Financial Services Corp. (U.S.). In addition, Mr. Beard is credited with expanding Cat Financial’s services to support the sale of Cat machines and engines to customers around the world including Europe, Russia, Japan and most recently China.